When everyone is focused on the 'next hot topic', I want to clarify the 'game rules'.
You will find that every cycle brings new stories:
The last round was DeFi, NFT, GameFi;
In the meantime, there were Meme, Rollup, and various new wine in old bottles.
If you only chase 'what is the hot topic this round',
You will feel a sense of déjà vu fatigue every time.
So in the past two years, I have focused more on:
Who is setting the rules? (exchanges, regulators, institutions)
Who is providing the infrastructure? (public chains, L2, stablecoin issuers)
Who is paying for real demand? (users, developers, entities putting assets on-chain)
Looking at the timeline a bit longer,
Roles that can repeatedly appear are more worthwhile to study than projects that are fleeting.
